Amends GS 54-109.57A by creating a new subsection GS 54-109.57A(e), which provides that payable on death accounts created under GS 54-109.57, as it existed prior to October 1, 2011, will be governed by the provisions of this section on or after October 1, 2011.  References to GS 54-109.57 in any document concerning the account are now deemed to refer to this section.

Amends GS 54-109.58, establishing that a credit union is not liable to joint tenants for complying in good faith with a writ of execution, garnishment, attachment, levy, or other legal process which appears to be issued by a court or other authority of competent jurisdiction. Provides further instruction for joint accounts with right of survivorships, requiring language that states their choosing of the right of survivorship in the account can be on a signature card or in an explanation of the account that is set out in a separate document. Provides that any joint tenant may terminate a joint account and that an individual who is a joint tenant can be removed from the account without terminating the account. After being removed, the joint account will continue in the names of the remaining tenant(s).  Joint tenants that are removed from the account remain liable for any debts incurred during the period in which the individual was a named joint tenant.

Enacts new GS 54-109.60A (Minors), establishing that a credit union can issue and operate a share or deposit account in the name of a minor or in the names of two or more individuals, one or more of which are minors. A minor with such accounts is bound by the terms and agreement as if the minor were of full age and legal capacity. Provides that if a minor with a shared account, other than a joint account with right of survivorship or a payable on death account, dies, a parent or legal guardian of the minor can access and withdraw funds. These provisions do not affect the law governing transactions with minors in cases outside the scope of this section.

Creates GS 54-109.60B (Accounts opened by adults for minors), providing that one or more adults can open and maintain a custodial share account for a minor. Sets out the terms that apply to such accounts, including that beneficial ownership of the account vests exclusively in the minor.

Creates GS 54-109.62 (Payment of balance of deceased person or person under disability to personal representative or guardian), establishing the processes and procedures for paying the balance on deposit of deceased or people declared incompetent or legally disabled, including the proof needed to receive the balance on deposit and the protections the credit union has for acting in good faith under the authority of this section.

Creates new GS 54-109.62A (Powers of attorney; notice of revocation; payment after notice), providing that credit unions can continue to recognize acts of an attorney-in-fact or other agent until the credit union receives actual notice of the principal's death or other official revocation signed by the principal or satisfactory evidence of the revocation in cases dealing with companies. Notwithstanding the receipt of written notice of revocation of authority, the credit union can still proceed with transactions on the account until 10 days after the date of the receipt of the notice.

Amends GS 54-109.63(a), establishing that a person can open a personal agency account by written contract, using the language required and included in this section, and that the language can be on a signature card or in an explanation of the account that is set out in a separate document, acknowledged by the person(s) establishing the account.

Amends GS 54-109.82 (Investment of funds), providing that the capital, deposits, undivided profits, and reserve fund of the corporation can be invested in corporate bonds with a minmum rating of A+, rated as such by at least one nationally recognized rating service. Also requires credit unions to monitor overall credit exposure by setting coprorate bond investment limits as a percentage of assets.

Effective July 1, 2013, with Sections 2 (concerning joint accounts) and 4 (amending GS 54-109.63(a)) of this act applying to accounts established as of that date and accounts created on or after that date.